We have not filed the IT Returns from the Financial year 2007-08 to 2010-11 as our case was with CLB. Now the CLB has declared the verdict in our favor. Now in current year we are filing the previous returns.
Can the carry forward losses be set off during the current financial year
The related section is reproduced below: 139(3) If any person who has sustained a loss in any previous year under the head “Profits and gains of business or profession” or under the head “Capital gains” and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (1) [or sub-section (3)] of section 74, [or sub-section (3) of section 74A], he may furnish, within the time allowed under sub-section (1), a return of loss in the prescribed form and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this Act shall apply as if it were a return under sub-section (1).
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